Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$889/mo
Lowest payment- Down payment
- $192,618
- Funds due
- $201,794
- Interest + MI left
- $41,877
- First ends
- Jan 2047
Assumption
Assumption + second
$2,078/mo
+$1,189/mo- Down payment
- $30,618
- Funds due
- $41,257
- Interest + MI left
- $307,809
- First ends
- Jan 2047
New loan
New conventional
$2,149/mo
+$1,259/mo- Down payment
- $30,618
- Funds due
- $38,415
- Interest + MI left
- $393,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,382 | $107,382 | $269,382 |
| Second mortgage | — | $162,000 | — |
| First P&I | $619.33 | $619.33 | $1,824.89 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $53.88 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $889.33 | $2,078.03 | $2,148.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,618
Closing costs & prepaids$10,639
Usable credit−$0
Total buyer cash needed$41,257
Earnest money paid−$0
Remaining funds due$41,257
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$536.91
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Prepaid interest, first (6 days)$61.25
Prepaid interest, second (6 days)$213.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing20 yr 1 moOf the original 30-year loan at 3.47%
Interest already paid$42,645Through Dec 2026
Assumption only · ends Jan 2047$41,877
Assumption + second · ends Jan 2047, second Jan 2057$307,809
New conventional · ends Jan 2057$393,827